For those that love a good pair trade, take note of Macquarie's insurance note today. The equity research team, in a ode to the late Muhammad Ali, titled their note "Sting like a bee. Buy ALL. Sell TRV."

The event that drove them to this recommendation was MarketSCout's May composite rates for commercial lines. While commercial lines continued their downtrend at -2 percent in May, personal lines rates continued to remain positive, up 1 percent in May. This continues a trend from the previous month, where April commercial lines were down -2 percent while personal lines were up 1 percent in the same month.

With the continued inverse relationship between commercial and personal lines, Macquarie reiterated their outlook for many insurance companies. With commercial margins narrowing, they continue to have an Underperform rating and $92 price target on Travelers Companies (NASDAQ: TRV) while they believe there is continued upside in Allstate Corp. (NYSE: ALL) with an Outperform rating and $78 price target.